Egypt and Turkey have decided to put aside their political differences in order to boost their business relations after four years of apathy, as the Turkish city of Konya is holding a major economic conference that will see attendance by businesspeople from both sides.
On the sidelines of the first day of the conference that kicked off on Monday, Atilla Ataseven, head of the Turkish & Egyptian Businessmen Association (TUMIAD), said in a presser that “the conference aims at discussing the targetted first Turkish industrial zone in Egypt, which will include a number of factories and workshops.”
The value of the investments in the new industrial zone is worth EGP 3bn, and will create many jobs in the Egyptian market.
He also announced that Turkey will establish a factory for the luxurious glass brand Paşabahçe in Egypt, as one of their efforts to challenge the prevalence of low quality Chinese imports.
“We want Egypt to be able to export Turkish brands’ products with the statement ‘Made in Egypt’ stamped on them,” said Ataseven.
Manufacturing Turkish products in Egypt will enable Turkish businesses to make use of the Qualifying Industrial Zones (QIZ) agreement, which enables them to export their products to the US without customs.
Ataseven said, “the conference targets activating the already signed agreement between Egypt and Turkey from 2012, which guarantees mutual customs exemption for products from both countries.
Turkey has already exempted Egyptian products from customs, while Egypt agreed to gradually eliminate taxes on Turkish products until they are totally exempt by 2020.
“Turkish-Egyptian relationships are deep-rooted in geography, history, interests, and religion.”
He also added that the economic relations between both countries prove they are key for a healthy relationship, aside from political tensions.
The Turkish investment plan will take another step forward in March, as Ataseven announced that they will inaugurate a conference titled “Let’s Manufacture Together” in March 2018.
This will coincide with the inauguration of several projects related to industry and industrial education.